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Monday Morning Market Minute – July 20th, 2020

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Single-family inventory from South San Francisco to Redwood City right now is 206. That’s way up from 187 of last week. Last year this time the number was 211. We had 55 homes come on the market. That’s one better than last weeks 54. That’s good news in this atmosphere this pandemic atmosphere where again I said in the past we have sellers who are feeling confident in this atmosphere to put their homes on the market so that’s  a good sign. Last year this time the number was 45. So just 10 more year over year we also had 39 homes go into contract now that’s a healthy number up from 31 of last week and again 31 was more of a holiday type of number 39 is right there basically that 40 number we’d like to see week in and week out.

Condominiums right now 135 condominiums on the market. That’s up from 129 of last week last year this time that number was only 90. We had 18 condominiums come on the market and we had 15 condominiums go into contract. Now that’s a healthy number better than last week’s 10 and like I mentioned last week we do like to normally see that numbers in the teens so 15 right in the middle there is a very very healthy number

We also had 7 homes either expire cancel or withdraw from the marketplace. And very interesting huge number 27 homes reduced their price. That’s a very very large number.  Last year the number was only 7. So that’s very different. And it could be very helpful in getting those 39 sales and those 15 sales on the condominium.

So total total from South San Francisco to Redwood City single family homes and condominiums inventory is 341. That’s up from 316 of last week. So that’s two weeks in a row we have a peak of inventory. That’s the highest number for 2020. Last year this number was 3 0 1. So 341 is the number today. That’s a new peak for 2020 still in the big picture. There’s roughly 90000 homes from South San Francisco to Redwood City when you count the single family homes condominiums and townhomes added 90000 plus homes. There’s only 341 opportunities. Interest rates are very very low. The market is definitely showing great continued great signs of efficiency this mid Peninsula real estate market is all in all pretty pretty darn healthy and very exciting to see. So if you’re thinking of selling your home you haven’t missed out actually you know this summer market has become the new spring market because of the cause of the crisis. And buyers are out there wanting to find their own space more space if they have a space they want more, space with interest rates low where we are seeing a lot of families here in the neighborhood just moving around versus you know people ask me “hey is there a lot of money coming from overseas or where are these buyers coming from.”

A lot of the deals that are happening right now are families just moving around here finding something a little better for themselves. So if you’re thinking of selling your home now is a great great time. There’s plenty of buyers out there buyers 341 a peak of inventory for 2020. There’s more choices for you for sure and if it’s overpriced, if they did the wrong thing and started at the wrong marketing price. There’s opportunity there. So right now very efficient market 341 on there. That’s you know relatively very very low and yet it’s the peak for 2020. Thanks. Oh I do want to say if this number continues to grow week after week after week if we just keep going. Well then we’re going to see an absolute shift in this market and we will turn from somewhat of a seller’s market or seller’s market into a full fledged buyer’s market. We’re a long ways away from that. That number has to be at least 600 or 580 for us to even get there. So that’s what we’re monitoring. Week in and week out, but I do see this you know I think the inventory might go little bit more but then we’re gonna start seeing it go down again. Thanks for listening. Have a great day and we’ll talk to you next week.

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